Yen hits over 23-yr low vs. dollar in 135 range, stocks plunge

Economy

The yen slipped Monday to its lowest level against the U.S. dollar in over 23 years, while stocks plunged in Tokyo as high inflation in the United States last month fueled expectations of aggressive monetary tightening by the Federal Reserve. The Japanese currency briefly accelerated its decline to trade around 135.20, its weakest level since October 1998, on anticipation of a further widening of the interest rate gap between Japan and the United States. At 3 p.m., the dollar fetched 134.90-93 yen compared with 134.35-45 yen in New York and 133.59-62 yen in Tokyo at 5 p.m. Friday. The euro was...

Kyodo News

Kyodo News